According to the 21st Century Business Herald, the latest round of financing values the company at about $1bn. The funding, which brings the total raised to date to $131m, will enable the group to improve its technology and after-sales service.

Xiaomi’s flagship product, the M1, is a high-end, Android-powered smart phone that uses a Qualcomm Snapdragon S3 as its CPU. At less than half the price of rivals, Xiaomi reportedly filled its 300,000 pre-orders in just 34 hours.